Fay's Floods Hit Uninsured Hard

If we said it once we've said it 1,000 times- flood insurance in Florida is vital to protecting your home. This article in today's Palm Beach Post perfectly illustrates the dangers of trying to save at the risk of your home and personal property. All of Florida is in a flood zone- its just the degree to which you are in one that is different. Even if your mortgage does not require flood insurance it is wise to purchase a policy. The premiums are very affordable ($348 for $250,000 in coverage). Call BBB today at 561-392-8888 to see how we can help you.

There's Another One Out There!

Just when Florida was drying out from Tropical Storm Fay along comes Tropical Depression #7 which is expected to turn in to Tropical Storm Gustav. South Florida is currently in the cone of uncertanty. Burke, Bogart & Brownell recommend binding any insurance policies as soon as possible. Many insurance companies stop issuing policies long before the storm comes close to the area. Here is a link to the National Hurricane Center so you can track the storm.

Deductibles for Damage from Fay

Because Tropical Storm Fay never reached hurricane status, the applicable deductible for damage will be the All other Perils deductible instead of the generally much higher hurricane deductible. Julie Patel explains it well here, in today's Sun-Sentinel.

The more pressing concern for homeowners is whether they have flood insurance. Flood damage is not covered by homeowners policies. A separate, flood insurance policy is needed to insure against this damage. Fay is a perfect example of why everyone in Florida should purchase a flood insurance policy. Flood insurance is relatively inexpensive, but there is a 30 day waiting period before flood insurance is effective. To purchase a flood insurance policy call Burke, Bogart & Brownell at 561-392-8888.

Florida Health Insurance Plan

The state of Florida, led by Governor Charlie Crist, is working on a plan to ensure all Floridians have some type of health insurance. While in its infancy, these plans are at least opening the discussion for the problem of health insurance for all. Here is today's article from the Palm Beach Post.

Binding Restrictions

As many of you know, insurance companies will not bind (issue) new homeowners or commercial property policies when there is a Tropical Storm Watch or Warning or Hurricane Watch or Warning. This article from today's Sun-Sentinel discusses this issue and a bit of the effect on real estate transactions. BBB always suggests getting your insurance in place at least 1 week prior to the closing date. This allows you to avoid the problems that can arise from a watch or warning. Once the storm passes, insurance companies begin to open up at different times. BBB already has one company open for business (Universal Property and Casualty) as normal, while other companies may stay closed until the storm completely exits the state.

Tropical Storm Fay Forms

The National Hurricane Center announced the formation of the seasons 6th named storm- Tropical Storm Fay. South Floridians need to pay special attention to the path of the storm and should begin preparing. Keep checking the National Hurricane Center's website for additional information.

Flood Insurance

Above Picture- Flooding from Hurricane Floyd- 1999

As hurricane season becomes busier it is important to remember that flood insurance is not covered by your homeowners policy. Here is an article from the National Hurricane Center which outlines some issues with hurricanes and inland flooding. Most people understand the dangers of the storm surge but inland flooding accounts for 59% of the hurricane deaths related to flooding. To that end, it is imperative that homeowners and business owners are covered for flooding. Please be aware that all of Florida is in a flood zone- just because you are not in the most dangerous flood zone ("A" or "V" zones) does not mean you do not need flood insurance. Because flood insurance is subsidized by the Federal Government's flood program, flood insurance is incredibly reasonable. Example: $250,000 coverage for the home and $100,000 for personal property only costs $348.00. Contact Burke, Bogart and Brownell at 561-392-8888 or pmcnamara@bbbins.com to purchase flood insurance.

Keeping an Eye on the Tropics

This is the latest image from the National Hurricane Center. It is forecasting that the closest system will turn to the north when it reaches the Bahamas- although, this is a possibility also- If it fails to make that turn, this region could have a tropical storm or a hurricane at its doorstep by Monday or Tuesday, as forecasters expect the system to move into an area of low wind shear and continue intensifying. The next tropical storm will be named Fay. Click here for updates from the National Hurricane Center.

Health Insurance Options for Laid Off Workers

In these tough economic times more and more people are being laid off. While most people's focus is on finding another job and meeting the bottom line of their families needs, it is important for everyone to remember their health insurance. Explore the various options and make sure you understand your COBRA options. Because of the underwriting restrictions many insurance company's have in place- going without insurance can cause you to be un-insurable. This is a great article from today's Sun-Sentinel which outlines your various options.

"We are definitely not off the hook with this system."

The above are the words of Jack Beven of the National Hurricane Center with regard to the Tropical System out in the Atlantic passing near the northern Leeward Islands, or about 1,100 miles southeast of Miami. While I don't want to panic anyone- Everyone should pay close attention to the development of the system and be ready to act if needed. We are in the time of year when we need to pay close attention to the Tropics. Here is the article from today's Sun-Sentinel. This link to the National Hurricane Center is a great way to track all the activity in the tropics.

State Farm Rate Increase Hearing

State Farm went in front of the Office of Insurance Regulation (OIR) yesterday to justify it's request for an average statewide increase of 47%. In some areas of South Florida, the increase would be as high as 112%. It will be interesting to see how this shakes out. There is absolutely no way the OIR will approve the requested 47% increase. Governor Crist said as much- from today's Sun-Sentinel- "said Tuesday that he thinks regulators will "handle this case appropriately, and I think you know what I mean by that — rejecting it."" Best guess is a negotiated 10 to 15% increase. Here is Julie Patel's full story from Today's Sun-Sentinel.

New Citizens Requirement

Homes with an insured value of $750,000 and over will be required to have hurricane shutters beginning January 1, 2009 for new policies and July 1, 2009 for existing policies. Below is some information from an Agent's Bulletin from Citizens with more specific information. Existing Citizens Policyholders will be contacted shortly by Citizens and informed. All Citizens policyholders should contact their agent for more information.

Citizens Bulletin Information
Effective January 1, 2009, personal residential structures (written on HO-3, DP-1 or DP-3 forms) located in the “wind-borne debris region” (WBDR) with an insured value of $750,000 or more will not be eligible for coverage with Citizens unless the structure has opening protections (such as storm shutters) that comply with Florida Building Code requirements.

New policies with an effective date beginning January 1, 2009, must meet the new opening protection requirements.
Current policyholders whose policies will expire beginning on July 1, 2009 will be nonrenewed by Citizens until acceptable proof of opening protection compliance is provided.

State Rejects Farm Bureaur's Rate Hike Request

The Florida State Office of Insurance Regulation continues to play hard ball with insurance company rate increase requests. Breaking news today--- State to reject Farm Bureau's 24.9 percent insurance rate hike (source: Palm Beach Post)

Citizens Windstorm Customers to re-apply

Citizens is forcing 350,000 windstorm customers to re-apply for coverage. If you currently have your windstorm coverage through Citizens you will receive a notice from Citizens that your policy will have to be re-issued upon renewal. This means you will have to complete new applications and have the replacement cost on your home verified. Periodically confirming you are properly covered in the event of a total loss is a good idea anyway. This is also a good time to review your coverage’s and see if you can find coverage with another carrier. Citizens should always be the last resort. Here is the article from today’s Palm Beach Post.

Tropical Storm Edouard Update

As a South Florida (Boca Raton) insurance agency, we continually monitor the Tropical weather. As of today we have our 5th named system. Edouard has taken aim at the coast of Texas. While we have dodged the bullet to this point, it is wise of Floridians to keep on eye on the tropics and all times. Now is a great time to review your hurricane plans and make sure you have all the necessities. Beat the crowds and stock up on essentials now! It is also a great time to make sure all your insurance needs are in place and you know where your policies are. Click here- The National Hurricane Center- to track this and other storms.

Lower Premiums

Today's Miami Herald had an interesting article about the advent of the new, Florida based insurance companies. This is good reading for everyone. It will help you understand the types of companies that are issuing policies in Florida currently. Burke, Bogart & Brownell represents a number of these fine carriers and would glad to consult with you on the best fit for your insurance dollar. Call out office today at 561-392-8888 and speak to an agent today.